YORK, Pa., April 20, 2011 /PRNewswire/ -- Graham Packaging Company Inc. (NYSE: GRM) today announced that its subsidiary, Graham Packaging Company Italia S.r.l., has committed to acquire the assets of Techne - Technipack Engineering Italia S.r.l. ("Techne"), for total consideration of euro 8.8 million.
Techne manufactures extrusion blow molding machines and has an installed customer base of over 1000 machines with over 200 customers representing more than 70 countries. Techne's machines produce bottles for end use applications in the dairy, household, industrial, personal care, pharmaceutical, food, and beverage markets. Graham intends to acquire intellectual property, inventory, fixed assets, customer relationships, and trade agreements, and intends to continue to operate Techne's manufacturing site in Bologna, Italy.
Techne is under liquidation proceedings with the Court of Bologna, Italy. Graham's intention to purchase the assets of Techne is subject to the approval by Techne's creditors of the composition plan filed by Techne and its subsequent ratification by the Court of Bologna and is subject to other customary conditions as well.
"Techne's assets significantly expand our proprietary machine technology and allow us to continue to drive innovation and cost effectiveness with our customers," said Mark Burgess, CEO of Graham. "Their installed base of over 1000 machines gives us additional opportunities to expand our activity in international markets and other market adjacencies."
About Graham Packaging
Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the design, manufacture and sale of technology-based, customized blow molded plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricants product categories. Graham Packaging has an extensive blue-chip customer base that includes many of the world's largest branded consumer products companies. It produces more than 20 billion container units annually at 97 plants in North America, Europe, South America, and China.
Graham Packaging is a leading U.S. supplier of plastic containers for hot-fill juice and juice drinks, sports drinks, drinkable yogurt and smoothies, nutritional supplements, wide-mouth food, dressings, condiments and beers; the leading global supplier of plastic containers for yogurt drinks; a leading supplier of plastic containers for liquid fabric care products, dish care products and hard-surface cleaners; and the leading supplier in the U.S., Canada and Brazil of one-quart/liter plastic motor oil containers.
To learn more about Graham Packaging, please visit the Company's Web site at http://www.grahampackaging.com/. Graham Packaging uses its Web site as a channel of distribution for material Company information. Financial and other material information regarding Graham Packaging is routinely posted on the Company's Web site and is readily accessible.
Forward Looking Statements
Information provided and statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this press release and Graham Packaging assumes no obligation to update the information included in this press release. Such forward-looking statements include information concerning Graham Packaging's or Liquid Container's possible or assumed future results of operations and the potential acquisition of Liquid Container. These statements often include words such as "approximately," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Graham Packaging's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Graham Packaging's control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, specific factors discussed herein and in other releases and public filings made by the Company (including the Company's filings with the Securities and Exchange Commission). Although Graham Packaging believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by law, Graham Packaging also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.
Contact:
David Bullock
Chief Financial Officer
(717) 849-8500
Jeff Grossman
(717) 771-3220
InvestorRelations@grahampackaging.com
SOURCE Graham Packaging Company Inc.
